Food delivery giant Uber Technologies is pursuing a takeover of Delivery Hero in a deal that could reshape the global delivery industry, analysts said.
Uber has offered €33 per share for Delivery Hero, valuing the company at roughly $14–18 billion depending on the final bid price.
Analysts at Bernstein said that Uber’s interest reflects both the scarcity of major delivery assets and the growing importance of scale in an increasingly competitive market.
Analysts believe Uber sees strategic value in expanding its global delivery footprint and integrating Delivery Hero’s operations with Uber’s mobility business.
However, the acquisition could dilute Uber’s earnings in the near term. Under Bernstein’s base-case model, the deal would reduce Uber’s GAAP earnings per share by around 7% in the first year, improving to about 1% dilution in the second year.
Analysts expect Uber would finance 70% of the transaction with debt and 30% with cash. Cost synergies of $200–250 million could be achieved.
Regulatory scrutiny is expected to be a major hurdle, particularly in Europe and parts of the Middle East. Countries like Spain, Turkey, Portugal, Sweden, Norway, and Chile are potential antitrust flashpoints.
Despite concerns, Bernstein maintained "Outperform" ratings on both Uber and DoorDash, arguing long-term growth opportunities remain significant.
A higher bid of €38–40 per share is being discussed. Delivery Hero operates across around 70 countries.
